The New York Times Company has reportedly “entered exclusive negotiations” to acquire Letterboxd for $330 million, according to a report from the New York Times itself.
Letterboxd, an online platform for movie lovers that could be compared to Goodreads for movies, has grown dramatically in recent years. Letterboxd reported 3 million users in January 2021, a figure that grew to 28 million by April of this year. More than half of its users are under 35.
Letterboxd was previously reported to be seeking a new owner. According to the Times, film studios A24 and Sony were interested in the acquisition, but A24 was priced out.
Letterboxd is free, but users can access advanced features with a paid subscription. Its projected earnings for this year are estimated at $15 million, which is only about 4.5% of what the Times is supposedly offering to buy the company for.
The New York Times Company declined to comment on the acquisition to its own paper (lol). Personally, we wouldn’t be surprised if these anonymous tips were coming from inside the house, so we’re inclined to take this report pretty seriously.
